U.K. Can Eye More Vibrant Rebound as Consumers Borrow More -- Market Talk

Dow Jones07-01

0925 GMT - The U.K.'s economic recovery could prove stronger than expected as consumer borrowing increases, Capital Economics' Ashley Webb writes in a note. Consumer credit nearly doubled in May compared with a month earlier, Bank of England figures show Monday. That likely reflects freer retail spending over the month, Webb says. Mortgage approvals fell a little on the month, but a likely cut to interest rates by the BOE in August should boost new mortgage lending later in the yea, he says. "This lends some support to our view that the economic recovery may be a bit stronger than the consensus," Webb says. (joshua.kirby@wsj.com; @joshualeokirby)

(END) Dow Jones Newswires

July 01, 2024 05:28 ET (09:28 GMT)

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